Egypt’s exchange rate uncertainty stifling business, say entrepreneurs
Financial Times
23-05-16 04:19
Uncertainty over the exchange rate is hurting businesses and stopping entrepreneurs from investing, warns a group of Egyptian businesspeople. The country has seen the value of its currency halve against the dollar, with rumours of yet another devaluation on the horizon. The crisis began when foreign bond investors saw fit to withdraw $20bn after Russia’s invasion of Ukraine in 2022 and have not returned. Although Gulf States made up for the shortfall of $16.3bn, businesses have not seen significant foreign exchange inflows and there is now a black market in foreign currency as the economic situation continues to cause confusion.